https://www.taxtmi.com/caselaws?id=374183 The Tribunal partially allowed the appeal by ruling that the waiver of principal and interest under a one-time settlement (OTS) should be excluded while computing book profit under section 115JB. The Tribunal also allowed the deduction of interest paid to the income-tax department, subject to verification. However, the claim for deduction in respect of prior period adjustments was dismissed. The matter was restored to the Assessing Officer for fresh adjudication on the waiver issue and verification of the interest deduction claim. en-us Wed, 05 Dec 2018 00:00:00 +0530 Mon, 28 Jan 2019 07:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374183 The Tribunal partially allowed the appeal by ruling that the waiver of principal and interest under a one-time settlement (OTS) should be excluded while computing book profit under section 115JB. The Tribunal also allowed the deduction of interest paid to the income-tax department, subject to verification. However, the claim for deduction in respect of prior period adjustments was dismissed. The matter was restored to the Assessing Officer for fresh adjudication on the waiver issue and verification of the interest deduction claim. Case-Laws Income Tax Wed, 05 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374183